Latest news with #tokenizedproperty
Economy ME
2 days ago
- Business
- Economy ME
Dubai's second tokenized property sells out in record-breaking one minute and 58 seconds
The Dubai Land Department announced on Wednesday that its second tokenized property on the PRYPCO Mint platform was fully funded in a record-breaking one minute and 58 seconds, attracting 149 investors from 35 nationalities. This landmark move reinforces Dubai's leadership in the real estate sector, reflecting rising investor confidence and strong interest in digital real estate ownership solutions across the emirate. The unprecedented demand for the project pushed the waiting list to over 10,700 investors. Dubai sets new standards for market accessibility This ongoing success underscores the effectiveness of the PRYPCO Mint platform, which is officially accredited under the Dubai Land Department's Property Tokenization Initiative. By enabling investors to purchase shares in ready properties through seamless and cost-effective mechanisms, the platform is setting new standards for market accessibility. As the platform expands its projects and partnerships, it is helping to shape a future where tokenized assets are expected to become a central part of Dubai's property market by 2033. Amid this momentum, Dubai Land Department invites interested individuals to register early and set up their accounts to take advantage of upcoming offerings before they sell out, unlocking investment opportunities in one of the world's most dynamic and innovative real estate destinations. Read: Is now the right time to buy real estate in Dubai? MENA's first-ever fully tokenized real estate transaction Dubai's second tokenized property featured a one-bedroom apartment in Dubai's Kensington Waters, Mohammed Bin Rashid City, with a total valuation of AED1.5 million, offered at a discounted rate compared to its estimated market value of AED1.875 million, giving investors instant equity and value. Through fractional ownership starting from just AED2,000, the launch continued PRYPCO Mint's mission to make premium real estate accessible to a new generation of investors. Launched on May 25, 2025, PRYPCO Mint, a joint initiative between the Dubai Land Department (DLD) and PRYPCO and licensed by the Virtual Assets Regulatory Authority (VARA), made history with MENA's first-ever fully tokenized real estate transaction, opening the doors to a new asset class for residents across the UAE. The platform's first tokenized property, a two-bedroom apartment in Dubai's Business Bay, attracted 224 investors from over 40 nationalities, with an average investment of AED10,714. Listed at AED2.4 million, below its DLD valuation of AED2.89 million, the listing was fully funded within one day, signalling strong demand for transparent, tech-enabled and value-driven real estate products. In addition, the Dubai Land Department issued Property Token Ownership Certificates to the first cohort of investors, officially recognizing this new form of blockchain-backed ownership. This regulatory milestone represents a key moment in institutionalizing tokenized real estate within Dubai's robust legal framework.
Gulf Business
3 days ago
- Business
- Gulf Business
PRYPCO Mint unveils second tokenised property, listing to go live on June 11
Image: PRYPCO Following the rapid success of its debut tokenised property — funded in under 24 hours — The move marks another major step in Dubai's push to redefine global property investment through blockchain-backed innovation. The new listing features a one-bedroom apartment in Kensington Waters, Mohammed Bin Rashid City, with a total valuation of Dhs1.5m. Offered at a discount to its estimated market value of Dhs1.875m, the listing provides investors with immediate equity. Fractional ownership begins from Dhs2,000, reinforcing PRYPCO Mint's commitment to making premium real estate more accessible. 'The incredible response to our first tokenised property proved that investors are ready for a smarter, more accessible way to invest in real estate,' said Amira Sajwani, founder and CEO of PRYPCO. 'With our second property, we're continuing to break down traditional barriers and offer high-quality opportunities to a broader, more diverse audience.' Dubai Land Department and PRYPCO Mint partnership Launched on May 25 PRYPCO Mint is a joint initiative between the Dubai Land Department (DLD) and PRYPCO, and is licensed by the Virtual Assets Regulatory Authority (VARA). The platform made headlines for executing the MENA region's first fully tokenised real estate transaction. Its inaugural listing — a two-bedroom apartment in Business Bay valued at Dhs2.4m — was oversubscribed within 24 hours by 224 investors from more than 40 nationalities. The property had been listed below the DLD valuation of Dhs2.89m, with the average investment ticket at Dhs10,714. In a significant regulatory milestone, the The real estate tookenisation project operates within a regulatory sandbox established by the DLD in collaboration with VARA, the Central Bank of the UAE, and the Dubai Future Foundation (DFF). Blockchain firm Ctrl Alt powers the infrastructure on the XRP Ledger, while Zand Bank provides integrated financial services as the initiative's official banking partner. Designed for tech-savvy investors, millennials, and first-time buyers, PRYPCO Mint leverages a mobile-first interface to transform real estate into a flexible and liquid asset class. The platform is currently available to UAE residents with valid Emirates IDs and is expected to open to international investors in its next phase. The second listing is expected to further fuel investor interest and advance Dubai's role as a global leader in digital real estate innovation.
